vs
ACACIA RESEARCH CORP（ACTG）与NLIGHT, INC.（LASR）财务数据对比。点击上方公司名可切换其他公司
NLIGHT, INC.的季度营收约是ACACIA RESEARCH CORP的1.6倍（$80.2M vs $50.1M），ACACIA RESEARCH CORP净利率更高（6.8% vs 0.8%，领先6.0%），NLIGHT, INC.同比增速更快（55.2% vs 2.6%），过去两年ACACIA RESEARCH CORP的营收复合增速更高（43.6% vs 26.0%）
槐亚研究公司是一家总部位于纽约市的美国上市企业，在科技、能源以及工业制造领域开展业务收购与运营工作。该公司与控股股东斯塔博德价值投资合伙企业保持战略伙伴关系，这家企业在业内常被归类为专利流氓。
nLight Inc.是全球领先的高性能半导体激光器、光纤激光器及相关光学组件研发生产商，产品广泛应用于工业精密制造、航空航天与国防、医疗设备、前沿研究等核心领域，客户遍及北美、欧洲及亚太地区。
ACTG vs LASR — 直观对比
营收规模更大
LASR
是对方的1.6倍
$50.1M
营收增速更快
LASR
高出52.6%
2.6%
净利率更高
ACTG
高出6.0%
0.8%
两年增速更快
ACTG
近两年复合增速
26.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $50.1M | $80.2M |
| 净利润 | $3.4M | $645.0K |
| 毛利率 | 12.8% | 33.1% |
| 营业利润率 | -26.1% | 66.0% |
| 净利率 | 6.8% | 0.8% |
| 营收同比 | 2.6% | 55.2% |
| 净利润同比 | 125.5% | — |
| 每股收益（稀释后） | $0.03 | $0.01 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收ACTGLASR
| Q1 26 | — | $80.2M | ||
| Q4 25 | $50.1M | $81.2M | ||
| Q3 25 | $59.4M | $66.7M | ||
| Q2 25 | $51.2M | $61.7M | ||
| Q1 25 | $124.4M | $51.7M | ||
| Q4 24 | $48.8M | $47.4M | ||
| Q3 24 | $23.3M | $56.1M | ||
| Q2 24 | $25.8M | $50.5M |
净利润ACTGLASR
| Q1 26 | — | $645.0K | ||
| Q4 25 | $3.4M | $-4.9M | ||
| Q3 25 | $-2.7M | $-6.9M | ||
| Q2 25 | $-3.3M | $-3.6M | ||
| Q1 25 | $24.3M | $-8.1M | ||
| Q4 24 | $-13.4M | $-25.0M | ||
| Q3 24 | $-14.0M | $-10.3M | ||
| Q2 24 | $-8.4M | $-11.7M |
毛利率ACTGLASR
| Q1 26 | — | 33.1% | ||
| Q4 25 | 12.8% | 30.7% | ||
| Q3 25 | 21.2% | 31.1% | ||
| Q2 25 | 12.8% | 29.9% | ||
| Q1 25 | 47.4% | 26.7% | ||
| Q4 24 | 17.6% | 2.4% | ||
| Q3 24 | 10.1% | 22.4% | ||
| Q2 24 | 26.2% | 23.5% |
营业利润率ACTGLASR
| Q1 26 | — | 66.0% | ||
| Q4 25 | -26.1% | -6.7% | ||
| Q3 25 | -10.8% | -10.9% | ||
| Q2 25 | -24.2% | -6.9% | ||
| Q1 25 | 30.8% | -18.6% | ||
| Q4 24 | -32.4% | -55.8% | ||
| Q3 24 | -44.1% | -21.0% | ||
| Q2 24 | -18.4% | -25.1% |
净利率ACTGLASR
| Q1 26 | — | 0.8% | ||
| Q4 25 | 6.8% | -6.0% | ||
| Q3 25 | -4.6% | -10.3% | ||
| Q2 25 | -6.4% | -5.8% | ||
| Q1 25 | 19.5% | -15.7% | ||
| Q4 24 | -27.5% | -52.7% | ||
| Q3 24 | -60.0% | -18.4% | ||
| Q2 24 | -32.7% | -23.2% |
每股收益（稀释后）ACTGLASR
| Q1 26 | — | $0.01 | ||
| Q4 25 | $0.03 | $-0.10 | ||
| Q3 25 | $-0.03 | $-0.14 | ||
| Q2 25 | $-0.03 | $-0.07 | ||
| Q1 25 | $0.25 | $-0.16 | ||
| Q4 24 | $-0.14 | $-0.52 | ||
| Q3 24 | $-0.14 | $-0.21 | ||
| Q2 24 | $-0.08 | $-0.25 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $306.7M | $298.2M |
| 总债务越低越好 | $91.9M | — |
| 股东权益账面价值 | $543.5M | $429.2M |
| 总资产 | $771.0M | $515.7M |
| 负债/权益比越低杠杆越低 | 0.17× | — |
8季度趋势，按日历期对齐
现金及短期投资ACTGLASR
| Q1 26 | — | $298.2M | ||
| Q4 25 | $306.7M | $98.7M | ||
| Q3 25 | $301.8M | $81.1M | ||
| Q2 25 | $316.7M | $78.8M | ||
| Q1 25 | $272.0M | $82.2M | ||
| Q4 24 | $273.9M | $65.8M | ||
| Q3 24 | $410.9M | $41.5M | ||
| Q2 24 | $441.9M | $49.4M |
总债务ACTGLASR
| Q1 26 | — | — | ||
| Q4 25 | $91.9M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益ACTGLASR
| Q1 26 | — | $429.2M | ||
| Q4 25 | $543.5M | $226.7M | ||
| Q3 25 | $537.6M | $218.5M | ||
| Q2 25 | $538.6M | $216.0M | ||
| Q1 25 | $540.2M | $212.8M | ||
| Q4 24 | $514.8M | $216.4M | ||
| Q3 24 | $540.2M | $235.3M | ||
| Q2 24 | $560.7M | $239.5M |
总资产ACTGLASR
| Q1 26 | — | $515.7M | ||
| Q4 25 | $771.0M | $315.2M | ||
| Q3 25 | $768.9M | $298.7M | ||
| Q2 25 | $775.5M | $295.3M | ||
| Q1 25 | $801.6M | $290.0M | ||
| Q4 24 | $756.4M | $270.2M | ||
| Q3 24 | $707.6M | $291.3M | ||
| Q2 24 | $753.6M | $294.3M |
负债/权益比ACTGLASR
| Q1 26 | — | — | ||
| Q4 25 | 0.17× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $75.2M | — |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 22.01× | — |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流ACTGLASR
| Q1 26 | — | — | ||
| Q4 25 | $75.2M | $17.5M | ||
| Q3 25 | $9.5M | $5.2M | ||
| Q2 25 | $50.1M | $-1.4M | ||
| Q1 25 | $2.4M | $-20.0K | ||
| Q4 24 | $50.1M | $-3.9M | ||
| Q3 24 | $-593.0K | $-5.6M | ||
| Q2 24 | $16.1M | $-4.2M |
自由现金流ACTGLASR
| Q1 26 | — | — | ||
| Q4 25 | — | $15.9M | ||
| Q3 25 | — | $2.4M | ||
| Q2 25 | — | $-3.8M | ||
| Q1 25 | $335.0K | $-2.3M | ||
| Q4 24 | $-98.5M | $-6.5M | ||
| Q3 24 | $-2.8M | $-7.2M | ||
| Q2 24 | $-126.7M | $-6.4M |
自由现金流率ACTGLASR
| Q1 26 | — | — | ||
| Q4 25 | — | 19.6% | ||
| Q3 25 | — | 3.7% | ||
| Q2 25 | — | -6.1% | ||
| Q1 25 | 0.3% | -4.5% | ||
| Q4 24 | -201.8% | -13.7% | ||
| Q3 24 | -12.1% | -12.9% | ||
| Q2 24 | -490.5% | -12.6% |
资本支出强度ACTGLASR
| Q1 26 | — | — | ||
| Q4 25 | — | 2.0% | ||
| Q3 25 | — | 4.2% | ||
| Q2 25 | — | 3.9% | ||
| Q1 25 | 1.7% | 4.4% | ||
| Q4 24 | 304.4% | 5.5% | ||
| Q3 24 | 9.6% | 2.9% | ||
| Q2 24 | 553.0% | 4.2% |
现金转化率ACTGLASR
| Q1 26 | — | — | ||
| Q4 25 | 22.01× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.10× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
ACTG
| Energy Operations | $16.0M | 32% |
| Transportation Safety | $10.4M | 21% |
| Office Storage And Display Solutions | $8.4M | 17% |
| Printers Consumables And Parts | $6.5M | 13% |
| Natural Gas Reserves | $5.1M | 10% |
| Natural Gas Liquids Reserves | $3.3M | 7% |
LASR
| Products | $58.2M | 73% |
| Development | $22.0M | 27% |
